Deepening Foreign Trade Structural Reform and Management Systems for Inward and Outward Investment
ISSUING AUTHORITY:
The Third Plenary Session of the 20th Central Committee of the Communist Party of China
DATE OF ISSUANCE:
July 18, 2024
EFFECTIVE DATE:
July 18, 2024
The Third Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing from July 15 to 18, 2024. On July 18, the Third Plenary Session of the 20th Central Committee of the Communist Party of China adopted the Communique and the Decision of the Central Committee of the Chinese Communist Party on Further Comprehensively Deepening Reforms and Promoting Chinese-style Modernization (the “Decision”).
The Central Committee planned that by 2035, China will have finished building a high-standard socialist market economy in all respects, further improved the system of socialism with Chinese characteristics, generally modernized its system and capacity for governance, and basically realized socialist modernization. All of this will lay a solid foundation for building China into a great modern socialist country in all respects by the middle of this century. The reform tasks laid out in the Decision shall be completed by the time the People's Republic of China celebrates its 80th anniversary in 2029. In terms of opening up, the Central Committee stressed that China must remain committed to the basic state policy of opening to the outside world and continue to promote reform through opening up. Leveraging the strengths of China's enormous market, China will enhance its capacity for opening up while expanding cooperation with other countries and develop new institutions for a higher-standard open economy. China will steadily expand institutional opening up, deepen the foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative.
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